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The population of high-net-worth individuals in Asia is set more than double over the next three years, and will hold a combined wealth of over $16 trillion, according to a report by wealth manager Julius Baer.

The Wealth Report: Asia, released on Tuesday, predicts that the high-net-worth population in the region, which stood at 1.16 million in 2010, will more than double over the next three years to 2.67 million individuals. The report said that this represented a compound annual growth rate of over 30%.

Julius Baer defines high-net-worth individuals as anyone with over $1m in cash and assets.

The increase in collective wealth will be partly attributable to currency appreciation, GDP growth, and stock market and property returns, the report said.

China is expected to be the powerhouse behind the rise. It will account for almost half of the region’s high-net-worth individuals by 2015, with 1.37 million of its citizens in that category, the report said. China is also forecast to account for more than half of the collective wealth in the region, which is set to soar from $5.6 trillion in 2010, to $16.7 trillion in 2015.

In terms of growth rate, however, China will be outpaced by Indonesia, the report said. Julius Baer forecasts that the number of wealthy individuals in Indonesia would triple to 99,000 over the same period.

Julius Baer explained its predictions on a country-by-country basis. In India, the extension of infrastructure and labour moving out of agriculture, supports growth and wealth creation. In Indonesia, the main driver of wealth is a flourishing domestic business environment.

Boris Collardi, chief executive at Julius Baer, said in the introduction to the report: “Amidst the challenges and opportunities facing us all, Asia has remained the bedrock of growth and prosperity.”

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Wealth managers have been increasing their commitment to Asia to reflect the opportunities in the region. Yesterday, private bank Coutts announced that it had appointed a general manager for Asia with the hire of Michael Blake to a role at the firm's London office. He will oversee all functions in the region and drive the Asia strategy.

The hire is the latest in Asia for Coutts, which reinforced its commitment to the region in May with the appointment of Gary Dugan as its Singapore-based chief investment officer for Asia and the Middle East.